Bannerman Resources Limited Completes Share Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISSEMINATION INTO THE UNITED STATES

PERTH, AUSTRALIA -- (Marketwire - Dec. 23, 2011) - Bannerman Resources Limited (TSX:BAN) (ASX:BMN) (NSX:BMN) ("Bannerman" or the "Company") is pleased to confirm completion of the share placement financing announced on 14 December 2011. Bannerman has today issued approximately 36.5 million ordinary shares at A$0.225 per share primarily to existing and new institutional investors, to raise total proceeds of approximately A$8.2 million.

Proceeds from the share placement and the follow-on share purchase plan (refer below) will be used to complete the Definitive Feasibility Study on Bannerman's 80%-owned flagship Etango Uranium Project in Namibia by the end of March 2012 and for associated confirmatory pilot plant testwork, regional exploration and drilling activities, a reduction of A$2 million in the existing convertible note and general working capital requirements.

Bannerman is now preparing to implement a share purchase plan under Australian law to provide eligible qualifying shareholders with the opportunity to subscribe for new Bannerman shares at the same price as the share placement, to raise maximum gross proceeds of A$4 million. Further details will be provided in due course.


About Bannerman

Bannerman Resources Limited is an emerging uranium development company with interests in two properties in Namibia, a southern African country considered to be a premier uranium mining jurisdiction. Bannerman's principal asset is its 80%-owned Etango Project situated southwest of Rio Tinto's Rössing uranium mine and to the west of Paladin Energy's Langer-Heinrich mine. Etango is one of the world's largest undeveloped uranium deposits. Bannerman is focused on the feasibility assessment and development of a large open pit uranium operation at Etango. More information is available on Bannerman's website at www.bannermanresources.com.


This announcement does not constitute an offer of securities for sale in the United States or to "US persons" (as defined in Regulation S under the US Securities Act of 1933, as amended (the "Securities Act"))("U.S. Person") and may not be sent or disseminated in, directly or indirectly, the United States or to any U.S. Person or any person acting for the account or benefit of any U.S. Person in any place. Bannerman shares have not been and will not be registered under the Securities Act or the securities laws of any state of the United States and may not be offered, sold or otherwise transferred in the United States or to or for the account or benefit of any U.S. Person except in compliance with the registration requirements of the Securities Act and any other applicable state securities laws or in a transaction exempt from, or not subject to, the registration requirements of the Securities Act and applicable state securities laws.

The Company has not completed feasibility studies on its projects. Accordingly, there is no certainty that such projects will be economically successful. Mineral resources that are not ore reserves do not have demonstrated economic viability.

Certain disclosures in this release, including management's assessment of Bannerman Resources Limited's plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Bannerman's operation as a mineral development company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. The following are important factors that could cause Bannerman's actual results to differ materially from those expressed or implied by such forward looking statements: fluctuations in uranium prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; general market conditions; the uncertainty of future profitability; and the uncertainty of access to additional capital. Full descriptions of these risks can be found in Bannerman's various statutory reports, including its Annual Information Form available on the SEDAR website, sedar.com. Readers are cautioned not to place undue reliance on forward-looking statements. Bannerman expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.



Contact Information

Bannerman Resources Limited
Len Jubber
Chief Executive Officer
+61 (0) 8 9381 1436

Bannerman Resources Limited
Peter Kerr
Chief Financial Officer
+61 (0) 8 9381 1436

Bannerman Resources Limited
Tim Haughan
Investor Relations Manager
+61 (0) 8 9381 1436
+61 8 9381 1068 (FAX)
thaughan@bannermanresources.com.au

Bannerman Resources Limited
Spyros Karellas
Investor Relations - Toronto, Ontario, Canada
+1 416 800 8921
spyros@pinnaclecapitalmarkets.ca
www.bannermanresources.com